QUOTIENT BIORESEARCH ACQUIRES BIODYNAMICS RESEARCH LTD
Newmarket, United Kingdom, February 11, 2008 – Quotient BioResearch Limited (“Quotient BioResearch”), the leading European provider of analytical and safety evaluation services and products for bioscience and sport, is pleased to announce that it has acquired BioDynamics Research Limited (“BioDynamics”).
Founded over 15 years ago, BioDynamics is a leading, specialist provider of metabolism, bioanalytical and radiochemistry services to the world-wide pharmaceutical and biotechnology industries. BioDynamics has annual revenues of over £7 million and 100 employees.
BioDynamics represents the fourth acquisition to date for Quotient BioResearch, which was established in early 2007. The enlarged group will have revenues of over £35 million and employ approximately 350 people in the United Kingdom. The Group will continue to operate from its existing sites in Newmarket, Rushden, London and Edinburgh.
Paul Cowan, Chairman and Chief Executive Officer of Quotient BioResearch said, “We are very pleased to have completed the acquisition of BioDynamics. It brings with it a world-wide reputation and complements extremely well the drug development capabilities of our existing businesses in this area, HFL and GR Micro.”
“We have experienced considerable growth in demand for the drug development services we offer. The combination with BioDynamics will allow Quotient BioResearch to both increase capacity and extend the range of services it offers for the benefit of its clients. We will be making major investments at both BioDynamics and Quotient BioResearch to further underpin our commitment to meeting the current and future requirements of our clients,” Cowan said.
Stephen Lewinton, Managing Director of BioDynamics, said, “The combination of BioDynamics and Quotient BioResearch offers great promise, both for our employees and for our clients. Having established a strong business in the area of drug development services we now look forward to a future as part of a group with the focus of Quotient BioResearch.”
BioDynamics represents the third acquisition for Quotient BioResearch in the drug development services sector over the past 12 months. Further acquisitions are anticipated with a view to offering clients a broader, unified range of services. As a consequence of this, the drug development services businesses of Quotient BioResearch will commence trading under the Quotient name from May 2008.
The sports testing and research business of Quotient BioResearch will continue to trade as HFL. Alba Bioscience, the diagnostics reagents business of Quotient BioResearch, will continue to trade as Alba Bioscience.
Ulster Bank Limited, a subsidiary of Royal Bank of Scotland, provided the debt finance for the acquisition. Ernst & Young, Belfast, acted as financial adviser and Mishcon de Reya as legal adviser to Quotient BioResearch.
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